Email marketing works. But it’s an often overlooked strategy that marketers fail to fully utilize. The statistics for the effectiveness and success of email marketing may surprise you. Direct Marketing Association reports that email marketing campaigns and strategies have an astronomically high ROI of 4300%.
Because of its relatively private nature, the use of email to significantly drive company growth appears as a less viable option for many corporations and business owners. But the market of email users is an enormous 2.6 billion strong. Just based on the sheer number of email users, an organized, trackable, and responsive email marketing policy is bound to produce results for your business.
But the problem is entering this arena with the correct positioning. Despite the potential of email marketing, there’s no golden ticket to increased sales, and bigger companies that are out of touch with their users frequently commit huge marketing mistakes when it comes to branding attempts. SuccessFactors is the definitive brand that can help you keep track of your email campaign, monitor and adapt to the responses in real time, and supervise and improve the process when necessary.
Directing Email Marketing Strategies
Like any strategy, the success of an email marketing strategy will rest on the nature of its execution by the relevant employees and reception by various market actors. Therefore, the framework and organization of your email marketing strategy are critical to whether or not it will be successful. There are a few themes in this process that apply when you are beginning an email marketing strategy.
- Identify your target audience
- Determine how you want to approach existing customers
- Determine how you want to attract new customers
- Calculate costs
- Predict response and click through rates to assess benefits
A basic summary of the process sees email marketing divided into a contextual and quantitative approach. Identifying who you want to market to and how you want to market to a person based on their relationship with your product forms the contextual components of your campaign. Meanwhile, gathering data and making predictions is an essential step towards knowing whether pursuing an email marketing campaign is the right financial decision to make.
Making The Right Prediction Through Statistical Analyses
You should assess the cost and benefits before diving into any business initiative. Numerical and quantitative methods should guide whether or not you ultimately go through with something like an email campaign. To determine if your email campaign will be profitable, you will want to consult a few categories: consumer preferences, traffic and frequency of the group you are emailing to, open and click rates, and deliverability (i.e. does your message actually get to the intended recipient).
Your strategy should incorporate weights on each of these categories and their subcategories, as well as a risk assessment. For example, consumer preferences would be assigned a weight relative to the other categories and therefore receive proportional funds in accordance with that weight.
However, the investment made into each category needs to be appropriately adjusted to fit with risk assessments. You may find that the open and click rates for your emails are very low. To optimize the profitability of your email marketing strategy, you should factor the risk of investing into improving those open and click rates into ROI calculations.
How SuccessFactors Streamlines The Existing Process
SuccessFactors benefits both of these planning processes because it allows business owners to delve more deeply into contextual elements through its Performance and Compensation module. This module allows administrators to peg compensation to merit and contributions. This association is a key part of ensuring multilateral decision-making and allowing employees to fully engage their creative talents in designing a campaign.
While the Performance and Compensation module will help your organization develop accountability and an incentive structure that benefits a successful campaign, it’s important to keep track of quantitative factors as well. SuccessFactors covers this critical aspect of your email marketing efforts through its Workforce Planning and Analytics module. This module emphasizes transparency in your company through quantitative analyses with the intent of reducing resource gaps and enhancing operational and strategic workflows.
The Workforce Planning and Analytics module has the primary function of reducing HR costs and inefficiency through automation. It offers cloud deployment, streamlined headcount planning for campaigns, supply-demand gap analyses, and a variety of tools that will aid in financial modeling and planning. Ensuring that there is a relationship between the email marketers and the marketing campaign constitutes a vital team dynamic that fuels an adaptivity and responsiveness.
With these tools and modules from SuccessFactors, your business will be fully equipped to contextualize and structure its email marketing campaign. You will be able to make quantitative measurements and assessments at the beginning and along the way to keep track of the success and profitability of the campaign.